Greater Vancouver home sales trend toward buyers’ market over summer
August marked the third consecutive month that home sale activity in Greater Vancouver
was below the 10-year average for the month. In contrast, home listing activity
in the region has exceeded the 10-year norm every month since the beginning of
The Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales of detached, attached and apartment properties on the region’s
Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents
an eight per cent increase compared to the 2,202 sales in August 2010, but also
ranks as the third lowest total for August in the last 10 years.
“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario
Setticasi, REBGV president said. “However, with a sales-to-actives listings
ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced
market and has been trending toward a buyers’ market over the past three
New listings for detached, attached and apartment properties in Greater Vancouver
totalled 4,685 in August. This represents a 24.9 per cent increase compared to
August 2010 when 3,750 properties were listed for sale on the MLS® and an eight
per cent decline compared to the 5,097 new listings reported in July 2011. Last
month’s new listing total was the highest volume recorded for August in 16
At 15,437, the total number of residential property listings on the MLS® increased
1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to
this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential
properties in Greater Vancouver over the last 12 months has increased 8.5 per
cent to $625,578 in August 2011 from $576,597 in August 2010.
“Year over year, prices are up. However, in the detached home category, benchmark
prices have come down slightly in each of the past two months,” Setticasi said.
“It’s important for people entering the market to understand that activity can
differ significantly depending on the area and property type.”
Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of
14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4
per cent decrease from the 1,367 units sold in August 2009. The benchmark price
for detached properties increased 11.7 per cent from August 2010 to $888,243.
Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase
compared to the 935 sales in August 2010, and a decrease of 34.8 per cent
compared to the 1,464 sales in August 2009. The benchmark price of an apartment
property increased 5.6 per cent from August 2010 to $407,457.
Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to
the 374 sales in August 2010, and a 33.9 per cent decrease from the 610
attached properties sold in August 2009. The benchmark price of an attached
unit increased 4.5 per cent between August 2010 and 2011 to $511,433.